Home Business Big bank stocks lift gains further in N30 bn advance

Big bank stocks lift gains further in N30 bn advance

Big bank stocks lift gains further in N30 bn advance

The Nigerian equity market posted further but marginal rise of 0.14 per cent on Wednesday, backed by gains in four of the five big banks – Zenith, GTB, Access and FBN Holdings – raising hopes that the bourse could draw more strength to sustain its new-found rebound in the days.

That may, however, depend on the expected earnings reports of lenders in this category, yet to release theirs, seeing strong growth.

Oil producer Oando appreciated by as much as 10 per cent, the daily ceiling of gain allowed by the exchange, supported by improving investor exuberance that followed the issuance of a court order, rendering the bar of the Securities and Exchange Commission on the energy firm’s right to annual general meetings null and void.

It easily made the oil and gas index, the best mover of the five sectorial indices at 0.79 per cent, helping gains.

There were 20 gainers and there were 20 losers, making market breath levelled.

The All Share Index (ASI) edged up to 40,221.30 points, while market capitalisation added N29.532 billion to close at N21.044 trillion.

Year to date, the index is up by 0.12 per cent.


Oando led gainers, climbing 10 per cent to close at N3.41. ABC Transport gained 9.38 per cent to close at N0.35. ABC Transport rose by 9.23 per cent to N0.71. Japaul Gold jumped to N0.71, notching up 9.23 per cent in the process. Academy completed the top 5, climbing up by 7.89 per cent to N0.41.


Lasaco topped the losers’ table, declining by 9.49 per cent to close at N1.24. Consolidated Hallmark Insurance shrank by 8.33 per cent to end at N0.33. Cornerstone eased to N0.59, losing 7.81 per cent. Flour Mills dipped to N28.85, recording 6.94 per cent loss. Wapic closed at N0.54, going down by 6.90 per cent.


469.562 million shares worth N7.080 billion were traded in 5,470 transactions.

Zenith was the most preferred stock with 154.621 million of its stocks worth N4.098 billion traded in 1,013 deals. 48.796 million units of GTB shares priced at N1.526 billion exchanged hands in 506 transactions. FBN Holdings had 25.273 million shares valued at N185.625 million traded in 250 deals. Transcorp traded 25.138 million shares estimated at N23.424 million in 113 transactions. United Capital traded 22.008 million shares valued at N136.804 million in 332 deals.

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